Online Insurance Supermarket to Be Launched in September

The insurance supermarket will work like an Internet shopping site handling most products provided by insurance firms at lower prices. (image: Korea Bizwire)

SEOUL, May 19 (Korea Bizwire) — One stop insurance supermarkets selling various insurance products like automobile, health and savings insurance online will begin service in September.

The Financial Services Commission (FSC) announced that the new service enabling financial consumers to compare various insurance products in one place and to purchase best of breed products online will be launched soon.”

Currently, online insurance purchase is limited to the webpages of individual insurance companies, making it impossible to directly compare products from multiple companies.

To address this weakness, the insurance supermarket will work like an Internet shopping site handling most products provided by insurance firms at lower prices.

The FSC will limit insurance products to car insurance, health cost coverage insurance and savings insurance, which are comparatively simple, rather than trading large sums of money in the initial stages.

According to the FSC, the launch of insurance supermarkets is related to the planned introduction of independent financial advisory schemes.

“Independent” financial advisors, as the name suggests, are not affiliated with any financial investment firms and dispense advice without being beholden to any financial interest.

Currently you have JavaScript disabled. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page.Click here for instructions on how to enable JavaScript in your browser.

About Korea Bizwire

Korea Bizwire is committed to reporting on "uniquely Korean" stories for our readers. But we also provide enhanced coverage of useful information from all over the world if we find them of interest or relevance to our global audience.

Kobiz Media, the parent company of this site, offers highly competent press release distribution and localization services aimed at South Korea -- increasingly important and attractive market for global businesses who want to have an upper hand in Asia Pacific region since Korea serves as a stepping-stone for forward-looking brands' future success in this lucrative markets. We wish you all good luck for extraordinary success in your businesses and life.